Oil Rises On Surprise Crude Draw

Crude oil inventories in the United fell by 777,000 barrels for the week ending November 1, according to The American Petroleum Institute (API). Analysts had expected a build of 1.0 million barrels. For the week prior, the API reported a 3.132-million barrel build in crude inventories. So far this year, crude oil inventories have slipped by just almost 4 million barrels since the beginning of the year, according to API data. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose…